IRDAI Gives Stakeholders More Time on Insurance Reform Proposals
What Happened
The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for public and industry feedback on its proposed insurance distribution reforms from 25 October to 31 October 2026 after receiving more than 650 comments. The consultation paper, titled Recalibrating Economics of Insurance Distribution, proposes significant changes to commission structures, expense-of-management limits, and insurance distribution practices. The regulator said the extension is intended to encourage wider participation and allow stakeholders additional time to submit views.
Key Takeaways
The proposed reforms could reshape how insurance products are distributed and sold in India by introducing tighter controls on commissions and management expenses. As the proposals remain under consultation, the final framework may change after IRDAI reviews stakeholder feedback.